That is kind of simplistic. It is more complex than that. What about employers that refuse to concede that they will have to pay more to get employees to work. Employers could get workers but they refuse... A pox on both houses.
Here in NJ the same dynamic is at work; companies that are busy won’t hire more help - so the existing employees are looking for the exits as their workload crushes them (on stagnant wages). Potential employees appear for interviews but turn down the work because wages are too low for what is expected; the minimum wage here is $12/hour so if you expect an employee to push his/herself you must pay more.
Anyone who thinks they’ll hire warehouse help for backbreaking work for $13 or $14 per hour ends up with no new employees and injured, angry, older employees...